- MediPharm to generate higher-excellent cannabis concentrate filled vapes for Cronos Group
- Deal reinforces MediPharm Labs’ leadership in substantial scale manufacturing and distribution
TORONTO, Sept. 19, 2019 (GLOBE NEWSWIRE) — MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ) (“MediPharm Labs” or the “Company”), a leader in specialized, study-driven cannabis extraction and cannabinoid isolation, is pleased to announce that it has signed a multi-year contract manufacturing agreement (“CMA”) for the filling and packaging of vaporizer devices, topic to approval by Well being Canada, for Cronos Group Inc.’s (NASDAQ:CRON) (TSX:CRON) (“Cronos Group”) adult-use brand, COVE™.
MediPharm Labs Inc. (“MediPharm”), a wholly-owned subsidiary of the Enterprise, and a wholly-owned subsidiary of Cronos Group, entered into a CMA exactly where MediPharm, using its proprietary experience and gear, will offer filling of higher-excellent formulated concentrate, labelling and packaging solutions to exacting specifications at scale for Cronos Group. The initial term of the agreement is two years with an selection for renewal.
“On the eve of legalization of concentrates solutions in Canada, we are delighted to add Cronos Group, to our expanding turnkey white-label platform,” mentioned Pat McCutcheon, CEO of MediPharm Labs. “By leveraging our specialized experience, technologies and industrial scale vape filling capabilities, we will help Cronos Group in delivering higher excellent, purity assured and Well being Canada authorized, derivative solutions additional advancing their business major reputation and enhancing the provide chain in this crucial new category.”
This is the second collaboration amongst the organizations. In May possibly 2019, MediPharm Labs signed a multi-year private label bulk resin provide agreement and a cannabis concentrate system agreement with Cronos Group.
“Working with MediPharm Labs offers us the excellent and optionality that we are seeking for as we introduce our proprietary vape pen formulations,” mentioned Mike Gorenstein, CEO of Cronos Group. “We are committed to continuing to the lead the business responsibly as derivative solutions are introduced to the expanding Canadian marketplace.”
About Cronos Group Inc.
Cronos Group is an revolutionary international cannabinoid corporation with international production and distribution across 5 continents. Cronos Group is committed to creating disruptive intellectual house by advancing cannabis study, technologies and solution improvement. With a passion to responsibly elevate the customer practical experience, Cronos Group is creating an iconic brand portfolio. Cronos Group’s portfolio consists of PEACE NATURALS™, a international wellness and wellness platform, and two adult-use brands, COVE™ and Spinach™. To discover additional about Cronos Group and its brands, please take a look at: www.thecronosgroup.com www.peacenaturals.com www.covecannabis.ca www.spinachcannabis.com
About MediPharm Labs
Founded in 2015, MediPharm Labs specializes in the production of purified, pharmaceutical-like cannabis oil and concentrates and sophisticated derivative solutions using a Fantastic Manufacturing Practices developed facility and ISO regular constructed clean rooms. MediPharm Labs has invested in an professional, study driven group, state-of-the-art technologies, downstream purification methodologies and objective-constructed facilities with 5 major extraction lines possessing 300,000 kg of annual processing capacity to provide pure, secure and precisely dosed cannabis solutions for its shoppers. Via its wholesale, white label and tolling platforms, they formulate, method, package and distribute cannabis extracts and sophisticated cannabinoid-primarily based solutions to domestic and international markets. As a international leader, the Enterprise also completed its initial industrial export to Australia in June 2019 and is nearing completion of its Australian extraction facility anticipated in 2019 with 75,000 kg of annual processing capacity.
For additional information and facts, please make contact with:
Laura Lepore, VP, Investor Relations
Phone: 705-719-7425 ext 216
E mail: [email protected]
CAUTIONARY NOTE With regards to FORWARD-Searching Info:
This news release consists of “forward-seeking information” and “forward-seeking statements” (collectively, “forward-seeking statements”) inside the which means of the applicable Canadian securities legislation. All statements, other than statements of historical truth, are forward-seeking statements and are primarily based on expectations, estimates and projections as at the date of this news release. Any statement that requires discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or functionality (generally but not generally utilizing phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that particular actions, events or outcomes “may” or “could”, “would”, “might” or “will” be taken to happen or be accomplished) are not statements of historical truth and may well be forward-seeking statements. In this news release, forward-seeking statements relate to, amongst other items, the manufacturing, provide and legalization of vape pen devices and timing thereof, completion of MediPharm Labs’ Australian facility and timing thereof, and anticipated processing capacity of the Australian facility. Forward-seeking statements are necessarily primarily based upon a quantity of estimates and assumptions that, even though thought of affordable, are topic to recognized and unknown dangers, uncertainties, and other things which may well bring about the actual outcomes and future events to differ materially from these expressed or implied by such forward-seeking statements. Such things involve, but are not restricted to: basic enterprise, financial, competitive, political and social uncertainties the inability of MediPharm Labs to receive sufficient financing the delay or failure to obtain regulatory approvals and other things discussed in MediPharm Labs’ filings, out there on the SEDAR web-site at www.sedar.com. There can be no assurance that such statements will prove to be precise, as actual outcomes and future events could differ materially from these anticipated in such statements. Accordingly, readers really should not spot undue reliance on the forward-seeking statements and information and facts contained in this news release. Except as essential by law, MediPharm Labs assumes no obligation to update the forward-seeking statements of beliefs, opinions, projections, or other things, really should they modify.